Higher home prices & higher interest rates

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Higher Home PricesHigher home prices & higher interest rates

What people looking to be homebuyers can expect from the current home market headlines in the mass media?

Now that higher home prices & higher interest rates (slightly) than last year’s are becoming rout news, and while the Bank of Canada has kept interest rates with no changes (for now), some people who are currently looking to become home buyers may feel some level of distress even to look deeper into their real financial situation and learning about their possibilities to be approved for the much-needed financing to purchase their home and finally stop renting.

To understand that distress, one needs to consider that salaries and general income have not increased in the same proportion as the home prices in the Greater Toronto area, yet understanding may not be enough to help people become homebuyers, more needs to be done.

Higher Interest RatesAs the mortgage interest rates are also climbing, when being factored, this is perhaps the one factor that should worry the least for now since even after their increase, they still remain very low.

The distress turns from mild to moderate or perhaps severe when is known that renting a home is not cheaper and that available inventory is not even there to satisfy all the needs at a convenient rate for a hard worker two income family who sees that years pass by along with their dream of homeownership

What can certainly help people in this huge financial distress is knowledge,

Media coverage of home prices and affordability are meant to be headlines and run on average tilting at times to stress on the highest levels of the home sales transactions, a sense of impressionism has to be included in that coverage to satisfy ratings that certainly lead to help advertising sales.

Not every family’s financial situation is the same, in fact, every family’s financial situation is unique, is different; Knowing exactly what is or not affordable, what is or not approvable, what is or not convenient, is what matters and what can remove this kind of distress in this kind of situation.

SolutionThe knowledge of the real possibilities to become a homebuyer can be obtained through the practice of a mortgage assessment which is offered free of charge with the intention of building a customer-service relationship.

A decision of whether to continue renting or to buy a home should not be taken lightly and certainly not without fundament nor fear.

Exploring the possibilities regardless of credit should not be considered a waste of time.  The importance of mortgage assessments in the process of home purchase and financial peace of mind, but they are distributors or content, so here is their content

Will opportunities to become a homeowner be better or worse in a few years from now?

The importance of mortgage assessments in the process of home purchase and financial peace of mind is huge, and more people should know it. share it if you will.

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1-2-3 Mortgage application

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1-2-3 Mortgage application

1-2-3- Mortgage applicationThe simplest, quicker and most secure online mortgage application is here for you now.

Now is as 1 2 3 to apply to get the funds you need.

Simplest personalized & secure link form you will fill

Your secure personalized link takes you to a most secured application that you fill from the comfort of your home, then get the good news right there.

We care, apply now

Apply Online

Dufferin County Homeownership

Dufferin County HomeownershipThe Dufferin County Homeownership Component program is designed to provide moderate income individuals and families with an interest-free down payment assistance loan to help them in purchasing their own home.

The Dufferin County Homeownership is an affordable housing program and might provide you with an interest-free down payment assistance loan of up to five percent (5%) of the cost of an eligible home, to a maximum of $20,000.00.

 To be eligible for down payment assistance you must be a renter household and meet the following criteria:

  • Combined gross household income at or below $88,000
  • Must not currently own a home or have a legal interest in a property
  • Must be buying a sole and principal residence within the County of Dufferin
  • Have assets of no more than $20,000.00
  • Must not owe any social housing arrears, including damages
  • Be a minimum 18 years of age
  • Be able to secure financing on the property

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Automatic mortgage renewal

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Automatic mortgage renewal

Authomatic Mortgage RenewalsBe wise and observe the terms and amortization payments schedule in your mortgage to see how much you can save with your educated decision, rather than just the standard or automatic mortgage renewal from your lender.

When you choose to renew on a yearly basis, you are also choosing to be subject to the rate that the lender will determine around 1 month before the renewal following a letter from the lender recalling the mortgage (which adds to the stress)

When you choose to renew your mortgage automatic you will also start a new term to which you need to agree, and when you start a new term, you will also start a new amortization period in which you can see that your payments will be applying more to the interest than to the principal, extending the length of time for you to liquidate your mortgage for good. This is also translated in a much expensive borrowing, costing you seriously more at the end. It is not wise in most cases to renews automatically, and why do it when you can have your mortgage assessment done for free?

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CMHC Home buying step-by-step

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Home buying step-by-step.

CMCH Homebuying Step by Step

All you need to know to help you make smart home buying decisions from start to finish, prepared by Canada Mortgage and Housing Corporation (CMHC).

  • Is Homeownership Right for You?
  • Are You Financially Ready?
  • Which Home is Right for You?
  • The Buying Process
  • Now That You’re a Homeowner

May I help you with your mortgage?

Homebuying-step-by-step

Click here to download PDF

 

Downpayment from RRSP’s

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down-payment from RRSP’s

DownPayment From RRSPIf you as a first-time home-buyer are planning to buy your home this year and are facing the question of where will you get the down payment from? This article is for you.

One can only admit that the advantages given, by the Government of Canada when it comes to promoting homeownership are fabulous; opportunities like this should be seized, especially by those whose finances have been tight before, not allowing enough savings being allocate towards the down payment of that home that is most needed now in order to stop renting, and contributing to the payments of someone else’s mortgage. Why not contribute to the payments of your own mortgage instead?….Before it gets harder!

The Government of Canada recently announced the minimum down payment requirement will be increased from 5% to 10% on the portion of a purchase price for a property that is above $500,000 but less than $1 million on insured mortgages. This change will take effect on February 15, 2016

Getting the down payment from your RRSP’s is a very smart strategy that makes way to a greater downpayment, it requires a careful planning and commitment but it works beautifully, the greater your down payment is, the better the mortgage is for you, try it!

Do you want me to help you with your mortgage?

 

The next is just an intro on how it could work for you:

  • Read your T4’s just received by your employer, or your last week of December’s pay stub find out how much taxes you have been already deducted, and that you possibly consider now gone.
  • Calculate here what you have earned, the taxes that you have already paid and see  enter an amount that you are eligible to contribute towards your RRSP’s (see your last’s year notice of assessment from Revenue Canada), you may still add more than what you are eligible for.
  • If your tax return increases then this plan should work wonders for you.
  • Submit your online mortgage assessment application and start your process that will start sharpening numbers to give you clarity as of when you can afford to buy your home, how much you can afford, how much taxes you can save and how much returns you can also get in the following year.

You are on time to recuperate those taxes that you were already deducted from your paycheck, do not procrastinate and sieze the opportunity now!

Once we practice your mortgage assessment you will be in a better position to decide is this strategy works for you, you will also have a greater knowledge to visualize when you will finally be able to purchase your home. Not every family’s financial situation are the same, your situation is unique, that is why your mortgage assessment should be unique as well

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RRSP deadline approaching

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RRSP dead line

RRSP dead line

RRSP deadline is approaching and with that the opportunity to receive a higher tax return after filing your taxes, return that you can use towards the down payment to purchase your home when you are a first-time homebuyer. Don’t miss this opportunity.

If you are currently employed and renting you should pay special interest in this article, so take the time to read it and to follow along. Since you are employed, you have been deducted the corresponding from every paycheck, this is money that you haven’t received, however, you could still receive a good amount of them and be a winner in every way.  When you contribute to your RRSP’s savings you will be technically sheltering that amount from paying taxes this year by deferring its payment to when you reach retirement age. But this year, you will receive a higher tax return. Don’t miss it!

May I help you?

 

There are a number of calculators that can help you estimate the extra amount you will receive as a tax return after filing your taxes this year, click here to use one.

In case you don’t know it, just after 90 days of your savings being in your RRSP account, you can borrow them and use them towards your down payment.

In summary, you will add to your down payment savings:

  • Your RRSP’s savings (after 90 days)
  • Your extra tax return received after your taxes being filed.

Don’t miss it this year!

A financial advisor is the best person to guide you into details, but you need to have your savings registered by the end of February or you will miss the higher tax return this year.

If you are planning on buying your house anytime this year, you should start your mortgage assessment now and get a clear idea as of when you will be able to purchase your home or if you need anything else to be ready for that purchase.

Contact me if you have any additional questions

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To buy or to rent a 300K home?

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To buy or to rent a 300K home?

To rent or to buy a 300 K Home

The following is a dilemma that many new home buyers face, so, if you are one, this information may help you make an educated decision and perhaps get rid of procrastination (at least in regards to home buying)

Scenario: To buy or to rent a 300K home?

If you buy for $300,000.00 you will pay down your mortgage of $285,098.98 by $43,603.00 over 5 year(s) with your Principal and Interest payments of $1,282.83 per month, plus your property will increase in value by $10,1501.15 for a total investment growth of $145,104.15.

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This total is greater than your total investment growth from renting, which is, approximately $4,242.58 after 5 year(s). This was calculated by growing the monthly savings from renting ($68.00) plus your current downpayment of $15,000.00 at a standard after-tax rate of 4% per annum

As a new home buyer, you may also face uncertainty in regards to downpayment or credit, however, you should know that these factors can be worked out by practicing your simple mortgage assessment.

The ultimate decision is yours, I can help!

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Be prepared for your mortgage

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Be prepared for your mortgage

Plan Ahead and SaveAnticipating for your coming mortgage renewal, refinancing or home purchase will always pay off, it’s a smart decision and an excellent financial practice. Since you are not in control of all the factors that affect your future transaction, it is most convenience to stay ahead of the curve.

Unless you prefer the stress of higher interest rates, mortgage penalties and being declined in the worse scenarios, you surely want to plan ahead every step of your coming mortgage process.

Whether you know where to start or you have no clue, that is not the issue here, because with the right guidance, all you need to know is why you want or need a mortgage. We’ll take care of the how and perhaps even the when.

Timing is important, have your mortgage assessment practiced 6 months ahead to avoid rate increases, missed opportunities, or even false expecttations

If you are a first time home buyer,  planning to renew your mortgage or to refinance existing debt and would like to know about your mortgage, prepare the following before you arrange your mortgage assessment meeting.

  • Personal picture ID’s including your SIN
  • Employment history
  • Information about your income and most recent supporting documents
    • If not all your income can be supported, detail what you can and the type of income you earn (Waitress tips, construction workers, etc)
  • Details about your financial commitments or debts
  • Details about your savings
  • Your home rental or living history
  • Current mortgage statement (for renewals and refinancing)
  • Have your questions ready

There are always more chances you help you when you plan ahead of time

Practice your mortgage assessment, then just follow your strategy, say NO to procrastination and achieve your goal. Where there is a will, there is a way!

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Need extra income?

financial-freedom-exit

Region of Waterloo affordable home ownership

The Region Of WaterlooRegion of Waterloo affordable home ownership offers to allocate for families and individuals with the 5% down payment in a forgivable loan to help them purchase a home with the intention of living in it.

The residential property must be:

  • In the Region of Waterloo
  • A maximum purchase price of $243,300
  • Approved by the region of Waterloo

To be eligible to qualify for this program families and individuals must:

  • Qualify for a mortgage
  • Have a maximum household income of $73,050
  • Be at least 18 years old and currently renting
  • Not own or have an interest in a home
  • Not owe money to a Community Housing landlord
  • Be a legal resident of Canada
  • Intend to have this home as your one and only residence

This is a limited time, limited funding mortgage product.

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Financial character

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Character

Financial character

Financial character is the mental and moral group of qualities presented by an individual in regards to his/her behaviors when it comes to his/her financial agreements.

Your credit score may not be good enough to qualify for a mortgage!
Your high income may not be sufficient to qualify for a mortgage!

Have you suffer disappointments or being declined for a mortgage even when your credit score is higher than others?

Do yo have a high income, yet have being declined for a mortgage or are currently paying high interest rates?

Learning how financial character affects your ability to qualify or to obtain better mortgage rates means a great deal of money in your pockets.

Understanding that money is not everything should very important to you as it is to the financial institutions or lenders that you will seek a loan from.

Your credit score may not be good enough to qualify for a mortgage!

It is in the way your earn money and the way you use it that you create behaviors and may tell of what you give priority when you spend, how respectful and committed you can be to a promise made when requesting a loan, and what capacity you have to continue repaying a long term debt that you are asking for.

To some people making money is very easy at a time, but spending more than what they make maybe easier, to them going into credit card’s debt may be not important because they can pay the money back (at first) but without a conscience, of repaying with respect to the institution that lent them the money and the integrity to recognize that the lending and repaying transactions are a mutual commitment, the behavior patterns of those people most likely will lead to a higher un-affordable debt.

Some people pay on time and what is agreed their mortgages, but fail to do the same with their telephone or utility bills or car loan or others, this deteriorates the character of the borrower.

Paying responsibly, with consistency, on time and agreed amount (that is not yours, yo borrowed it) with consistency to all who you have celebrated a financial agreement with, will help you build a pattern of good character, one that respects financial institutions and that is always observed by the lenders when requesting a mortgage loan.

Your high income may not be sufficient to qualify for a mortgage!

Some people may have a high income, yet they may have previous commitments to car and student loans, credit cards, other monthly commitments and may not see in time that their debt ratios are getting out of hand as what they make or more is already committed.

The above example is common and may be as a result of poor management of their income.

Some people may be earning enough money to afford mortgage payments but may not be able to document all their income, this represents a higher risk for the lender. Different lenders have different appetite for risk and therefore some people may be able to support their income in different ways and qualify for a mortgage loan, but the borrower needs to understand that a higher risk means a higher interest rate in their mortgage loan.

There are also people earning good money but not capable to save for the down payment on their own, and have no assets, so where does the money go?

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All this examples and a thousand more that you may be familiar with, are considered as factors that build a financial character in a person by his/her own, and are always considered by the lenders when underwriting before they decide to approve or decline a mortgage loan.

Keeping a good financial character helps you project a good image of your self when it comes to requesting a mortgage loan, it shows your respect to your agreements, to, other people, to institutions and mainly to your own commitments

With a good financial character, you could picture yourself as the client all lenders want to have in their portfolio, it gives everyone a peace of mind, you would be a promise of a long lasting relationship, it is good business for everyone, and it means to you a great deal of savings.

Get the strategy you need to achieve your financial goal of investing on real estate, take the next step, get your mortgage assessment for free

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Effects of Recession

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RecessionEconomists officially define a recession as two consecutive quarters of negative growth in gross domestic product (GDP). This is a significant decline in economic activity spread across the entire country.

A short analysis of how recession might affect our families and the positive perspective at the end of all

But, how does affect you as a home owner with a mortgage?

There are a number of different scenarios and a solution to a single scenario should not be considered as a solution to all.

The impact of an economy in recession, besides the slowdown of the industrial production and manufacturing, might be a greater number of job losses affecting first the low levels of a work force, like in retail positions, service industry as the consumer spending slows down, due the decline in real income.

So a small business sees less dynamism in sales ,products may stay longer in shelves as demand of the products slows down as well, obtaining a line of credit now should be considered to improve cash flow

Large companies may stop hiring or even reduce workforce or reduce benefits and other alternatives seeking to cut costs.

May I offer you a one on one advise?

In regards to credits, as income from sales or salaries decreases, repayments to debts may suffer the same effect, damaging credits and leading to reduction of possibilities to obtain new credits or even to keep existing ones, seriously affecting the cash flow in a family or business.

Borrowers with current mortgages with fixed rates, may be more at peace than those with a variable rate if the devaluation of the currency persist, as the bank of Canada may be dragged to increase the prime lending rate and mortgages with variable rates may become un-affordable suggesting an early refinancing early rather than late may be the best to do.

For those who are currently renting and planning to finally purchase their home in the near future, and their source of income is not at risk of being lost, the best advise might be to accelerate their plan as much as possible (see mortgage assessment) and secure a mortgage with a low fixed mortgage rate and take advantage of the first time home buyers credits offered by the government.

The good part of the story is that history shows that those who were prepared to stand during recessions, may become stronger once the economy rebounds, and it will, there is no question about it. They be stronger as some competitors may fade or even be out of business because they were not prepared.

Recessions don’t last forever be prepared!

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Additional costs when buying a home

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Additional Cost Of BuyingThe following are some of the costs that a home buyer should consider when purchasing a property

One of the reasons why some people are hesitant to purchase a new home may be because they don’t know of the extra expenses they’ll go into after the purchase of the property

Knowledge is power, and you can learn from other people’s experiences and make the most of your home purchase.

Simply knowing about this additional costs, can give you peace of mind and can help you understand the times when you would need the funds and in some cases where to get the financing from.

While additional costs vary with each home purchase, they generally average about 1.5% to 4% of a home’s selling price.

The following is a list of some additional cost when buying a home

  • Property land cost
  • Legal Notary fees
  • Mortgage Insurance
  • Property Insurance
  • Home inspection
  • Moving costs
  • Service hook ups

Click here to see the complete list including approximate amounts and what they are specifically

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Residential Construction Mortgages

Residential Construction Mortgage

Faster approvals and easy advances

For you who are looking to start a new project and looking for financing options, why not getting faster approvals and easy advances, simply the best lending solution.

Residential Construction Mortgages details: 

  • For builders or borrowers wanting interim financing for a new construction project, for renovating an existing structure and for land acquisition
  • Loan commitments are made at the time of approval and may not exceed 85% of budgeted costs, up to 75% of the land value and may not exceed 65% of Pro-forma appraised completion value
  • Draw advances are easy with support from our Construction Specialist and can be made up to 5 times though the project
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Canadians’ household debt

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High Canadian debtSimply put in regards to Canadians household debt; In average we currently owe 162.6 per cent of every disposable dollar, that means from every dollar after available after taxes and mandatory charges. This has been attribute in part to record low interest rates that may have been seeing as an invitation to get into debt by many Canadians, all with the hopes that our so far stable and inclined to growth stable economy will allow us to re-pay our not so expensive debt in the near future.

But how are the record low mortgage rates being appreciated by those who are still renting? Are more families becoming home owners as a result of this attractive rates?

Have questions?

A perhaps right or perhaps wrong (you can comment bellow) answer to the first question could be that most of renters have not yet have enough time to seize the opportunity as the debts have make their mark in their credit score limiting their ability to qualify as that of saving enough for the down payment for a home that keeps a steady rise in price.

Having said the above, the answer to the second questions is: More yes, but very few and not enough to move the economy at a faster pace. But getting more renters to become home buyers does not change on mortgage rates factor alone, a factor that is very important to consider is the proper knowledge that the renter has of the many options at his/her reach to capitalize the opportunity and finally become a home owner.

ContactMany are still hesitant to make the decision to place a call ad have his mortgage assessment done even when this is at no cost, so that they could know where they really financially stand and what are the range of opportunities for them to seize and finally turn into a home owner before the rates start climbing as a result of a recuperating economy south of the border that might attract our current investors in Canada’s lending industry leaving us with a more expensive cost of borrowing some time this year or next.

A simple yet resolute advice to renters is have your mortgage assessment done now free of charge and make a move into buying a house or not, after knowing that result and hearing the given advise

 

 

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Zero Down payment mortgageNew To Canada Mortgage


Stop renting this year

Rent or home ownership

It may be the difficulty of moving out of a comfort zone the reason why many people are still renting, and by comfort zone I don’t mean a geographic zone, but a mind set zone.

There is without question a great deal of people that are committed to paying the same amount of money as a rent for their home or apartment that has been sheltering them for a long while, exposed to rent increases out of their control, leaving in smaller unit, owning zero of that property and yet not making an attempt to own their own home.

The amount of rent coming out of their paycheck is about the same as what a mortgage payment would be since we still have this all time low interest rates that by the way may increase during this year

There are a great deal of benefits when purchasing a home such as wealth building, through home equity, cheaper borrowing, government incentives for first time home buyers, living in comfort and financial discipline

The obligation is however, to help those with the interest in learning the way to home ownership, so that the time of renting becomes a chapter in a book of history and not a concern for the future.

As we live in a complex society, obstacles to home ownership are develop by us, when we choose our lives style and the way we conduct ourselves, the way we manage our wealth by the way we prioritize our needs.

However, there will always be factors that can discourage or strengthen our will to own or not to own our home. but obstacles can be removed from the way clearing the path to home ownership that in most cases is a good life changing event. Factors like low credit score, no down payment savings or others can be removed from the way.

These obstacles can be clear with a set of good advices from your mortgage agent, the help of mortgage lenders and the resolute will of the home buyer starting by calling to arrange a simple and short mortgage assessment. If the will to home ownership is in your mind, delaying to call now may result in giving way to another year of renting whether you are an employed or self employed.

Call today and request your free mortgage assessment

Peel region affordable housing

Home in Peel regionThe Home in Peel Affordable Ownership Program is designed to provide low to moderate income residents who are currently renting in the Region of Peel (Brampton, Caledon or Mississauga) the opportunity to qualify for down payment loan assistance to buy a home.

The program assists eligible applicants who have a total annual gross income of $87,800 or less, per household income, to purchase a resale home in the Region of Peel that does not exceed a purchase price of $330,000.

Applicants must be 18 years of age or older and cannot already own a home, or interest in a home, inside or outside of Canada.

Approved applicants are eligible for a $20,000 down payment assistant for the purchase price of an eligible home located in the Region of Peel. This is a secured forgivable loan for down payment assistance only; applicants are responsible for all other related closing costs including, but not limited to the deposit, home inspection fee, lawyer’s fees, land transfer costs, title search, possible land and/or municipal property tax payments, and any other unanticipated costs.

Should no default occur, the down payment loan will become forgivable on the 20th-anniversary date of the purchase of the home.

This program is currently suspended.

If you are interested in this program, fill up the next form to enroll in a call back list to be notified when and if the program is reinstated.

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Reverse Mortgage

Reverse MortgageAbout reverse mortgage

Activate the equity in your home, remain independent and free in your own home.

The reverse mortgage has experienced an extraordinary 26% increase demand compared to last year.

What are homeowners with reverse mortgage using their funds for?

  • Enjoy some travelling
  • Need to improve your health
  • Make some home improvements
  • Help your family financially
  • Increase your cash flow
  • Investing

Reverse mortgage is a financial instrument that allows seniors to access at very convenient terms the equity in their home

The funds are available to the homeowner in a very short time after the application, and all the process can be done from the comfort of their home.

The purpose of the funds is up to the homeowner but, here below we enlist some common reasons.

Reverse Mortgage Interest Payment Information

 

 

91% of Canadian Boomers do not want to sell their home

  •         A study by CBC found that 91% of Canadian Boomers do not want to sell their home.
  •         As home values continue to rise in Canada, many senior women have tapped into the equity in their home.
  •         Low-income seniors that do not qualify for a traditional mortgage or secured line of credit often are placed into private loans with higher interest rates, high closing costs and annual renewal fees.

How can you help yourself?

If you know a senior that fits into the low-income category, have a conversation with me about HomEquity Bank’s Line of Credit – with the option to make payments, or simply defer payments

Mortgage Reverse Prepayments

 

Is reverse mortgage good?

The Reverse mortgage is simply fantastic, for a number of reasons, but most of all, because it provides easy and secured the access to funds through the equity that is already owned

How is the mortgage loan repaid?

The mortgage rates have always been lower than the rate of the equity increase and homeowners do not have to make periodic payments to the mortgage. The loan and interests will be repaid when the house is sold or inherited to other owners.

It is simple and very affordable. *Free personal consultations* are available, no pressure to commit, just detailed information is provided at the meeting to show you the reverse mortgage fees and qualifications. Get your reverse mortgage application now.

If you are 55+ Home Equity Income Advantage can help you get the peace of mind you are looking for to continue with your life and plans without worries of un-eligibility.

Reverse Mortgage Subsequent Advances

Here are the highlights of the Home Equity Income Advantage:

  • Exclusively for homeowners 55 and older
  • There are no credit or income qualifications
  • You can access up to 50% of the value of your home
  • You receive the money tax-free
  • You can take the money as monthly cash flow and as a series of lump sums
  • No payments are required while you or your spouse live in your home
  • You maintain ownership and control of your home
  • You keep all the equity remaining in your home
  • Your estate is well protected
  • You can save on taxes

Home Equity Bank

We offer the Home Equity Income Advantage in partnership with Home Equity Bank.

HomEquity Bank is a schedule I Canadian Bank and is the only national provider of reverse mortgages to homeowners aged 55 and over

HomEquity Bank’s product line is now officially endorsed and recommended by CARP as a trusted financial solution!

How much can you borrow on a reverse mortgage loan?

Click here to try a free pre-approval reverse mortgage calculation and find out how much funds you ca access from your own equity

Free reverse mortgage calculation


How much can you be pre-approved for? Complete the no commitment form below!

Gender information helps estimate life expectancy

After submitting you will receive by return email the amount you can borrow under this premises


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Home sale prices in Ontario

Home sale prices in Ontario

Is it really worth it to buy a house? That is a question that some renters that I have come across with have or had, like John and Sue (not real names) from Toronto, who were renting because they never thought that they could buy a house considering their financial situation. After our first meeting at that corner coffee shop (it was very crowded by the way), they felt comfortable enough to take the next step

The next step was, to decide whether to start their mortgage assessment or not, they decided to go ahead as they had nothing to lose and now they own a condo on a 15th floor that is more comfortable than the apartment they were renting and in a safer area; their mortgage payments are currently lower than what they were paying as rent.

The following chart from CHMC, illustrates in a simple way the average home sale prices in Ontario, includes a forecast for the years 2013 & 2014.

What you as a borrower can take from this is that, those who in the past years, were able to invest in a real estate and capable of keeping their investment, have now benefited by the growth of their equity, even through the slow economy that we lived in the past few years.

In the graph, as we observe a steady increase in home sale prices, we should also consider the savings resulting from low mortgage rates (not expressed in the chart below).

The growth of wealth in equity offered by the residential real estate industry, should be considered as a clear message, and an invitation to those who are currently renting, to invest securely and buy their homes now, rather than later.

Situations that prevent renters from buying a home like, low credit, no initial down payment, low income and others can be overcomed with a clear and solid strategy and here is where I can help you.

Home Sale Prices in Ontario

Source CHMC

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 Contact your mortgage agent

Non owner occupied rental mortgage

Non Owner Occupied Rental

The non owner occupied rental mortgage loans help you qualify by adding the monthly rental income to your current income. As a result you are able to purchase or refinance a rented property and let the property pay for itself with the rent

Scenario: You currently have a steady job or business, a decent credit score, some savings but no time to start another business or job, and you would like to earn residual income from a real estate property.

The non-owner occupied rental mortgage is designed for those who would like to become real estate investors.

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